FedNow System Must Not Launch Until it is Safe Washington — The Federal Reserve Board must do more to protect consumers, small businesses and other users from fraud and mistakes in the new “FedNow” instant person-to-person (P2P) system that it is developing, according to comments submitted today by consumer, small business, community and legal services [...]

Boston – Today, the U.S. Department of Education announced that 115,000 borrowers who attended and withdrew from ITT Tech will receive more than $1.1 billion in student loan discharges based on findings that the school engaged in misconduct that allowed it to stay in business while deceiving students and luring them into taking out unaffordable [...]

Boston – In response to the announcement today by the U.S. Department of Education that 323,000 borrowers who have a total and permanent disability (TPD) will receive more than $5.8 billion in automatic student loan discharges due to a new regulation, Persis Yu, director of the National Consumer Law Center’s Student Loan Borrower Assistance Project, [...]

An Analysis of Over 428,000 Borrowers in Income-Driven Repayment (IDR) Washington, D.C. — The Center for Responsible Lending (CRL) and the National Consumer Law Center (NCLC) issued a new joint policy brief revealing that almost two-thirds (63%) of student loan borrowers enrolled in Income-Driven Repayment Plans (IDR) serviced by Navient who made voluntary loan payments [...]

FOR IMMEDIATE RELEASE: August 6, 2021 National Consumer Law Center contacts: Jan Kruse (jkruse@nclc.org) or Stephen Rouzer (sourzer@nclc.org) Statement of Persis Yu, the director of National Consumer Law Center’s Student Loan Borrower Assistance Project, in response to announcement that the student loan payment suspension has been extended until January 31, 2022. Washington, D.C. - “Borrowers [...]

FOR IMMEDIATE RELEASE: August 3, 2021 Contacts:  Legal Aid Foundation of Los Angeles, Sara Williams, sjwilliams@lafla.org or (562) 400-8754 National Consumer Law Center, Jan Kruse, jkruse@nclc.org Washington, D.C. — This week, four large, national college chains are closing, stranding more than 7,000 students, most of whom are online: Independence University, CollegeAmerica, Stevens-Henager College, and California [...]

Nearly One-Third of U.S. Adults with a Credit Report Have Debt in Collection WASHINGTON, D.C. – On Friday, July 30th, the Consumer Financial Protection Bureau (CFPB) announced that it would not delay the effective date of its debt collection regulations as it had originally proposed this spring.  Instead, the CFPB will be moving forward with [...]

FOR IMMEDIATE RELEASE: July 29, 2021 National Consumer Law Center contact: Jan Kruse (jkruse@nclc.org) Washington, D.C. – Attorneys at the National Consumer Law Center praised the introduction yesterday of the Veterans and Consumers Fair Credit Act in the U.S. Senate, led by U.S. Senators Jack Reed (D-RI), Jeff Merkley (D-OR), Sherrod Brown (D-OH), and Chris [...]

FOR IMMEDIATE RELEASE:  July 15, 2021 National Consumer Law Center contacts: Jan Kruse (jkruse@nclc.org) or Lauren Saunders (lsaunders@nclc.org) Washington, D.C. – Advocates at the National Consumer Law Center applauded bipartisan and bicameral legislation announced yesterday by U.S. Senator Kirsten Gillibrand (D-NY),  Senator Lindsey Graham (R-SC) and Dick Durbin (D-IL), chair of the Senate Judiciary Committee, [...]

FOR IMMEDIATE RELEASE: July 8, 2021 National Consumer Law Center contacts: Jan Kruse (jkruse@nclc.org) or Persis Yu (pyu@nclc.org) Boston - Statement by Persis Yu, director of the National Consumer Law Center's Student Loan Borrower Assistance Project in response to the announcement that PHEAA (FedLoan Servicing) will not be extending its federal contract in December. “Lawsuits by [...]